There are no secrets to what we do as agents to appraise properties. The most important factor to bear in mind is that we do not have an invested interest in your property which allows us to look at the value objectively. Your biggest obstacle is that you will be fuelled by your emotion which will misguide your value.
There are a lot of factors that are taken in when appraising a property, though for the most part we base the value on properties that have sold within the vicinity of your property which are similar. By taking the time to walk through open for inspections of properties that are similar to yours while they are campaigning and then track the sales result, you will start to get a better understanding of what your property may be worth.
A lot of people always base a price on what other properties asking prices are. This does not determine value as an asking price can fluctuate from underquoting to overquoting and can never give you a true value of what yours is worth. What I would do though is while I’m attending open homes of neighbouring properties, look at the price they’re quoting and then take note of how many buyers are coming through, what they’re saying and try to get a gauge of interest levels. A well quoted property will draw more buyers, in turn pushing interest levels higher, whereas a property that is asking more than market value will draw less to now buyers and the general feel of the open will differ.
Always detach your emotions. Your property is not better than everyone else’s, just because. Try your hardest to be objective when comparing your property with others. This will help you remain conservative which will always lead to the best outcome. Be harder with your value and work off the lowest comparable sales, this way, you will never be surprised at the end of a campaign. You can always work buyers up in price, though if you find yourself chasing a market down, you will most likely end up with a price under market value.
There is so much data available these days and it’s very easy for you to conduct your own research before inviting agents through your property. It’s how you look through the data and measure it against your property. Don’t let you emotions guide you and you will be fine.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.